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PineBridge invests EUR 26 million in the strategic development of the Work Service S.A.

According to an agreement signed on January 20, 2013, PineBridge Investments will invest 26 million euros into the development of Work Service. These funds will help strengthen the leading position of HR services on the Polish market. In addition, the money will be used for business development of Work Service in Central and Eastern Europe.

The investment implies a purchase by PineBridge of about 20% of the shares of Work Service. The exact percentage of shares will be determined during a vote at the Shareholders' General Meeting. The deal also suggests the appearance of new members on the Supervisory Board, and additional control over work of the office and protection of customers' rights.

Tomasz Hanczarek, co-founder of Work Service S.A. commented on the signing of the agreement: "Work Service is developing rapidly. Today, we are considering the possibility of acquiring new companies, three of which are located in Central Europe. Our first challenge is to finally take the leading position on the Polish HR services market. In addition, we are continuing to expand the markets of Central and Eastern Europe. The interaction act with PineBridge Investments is simultaneously a historical milestone and a new stage in the development of the online-intensive technologies of Work Service. We plan to increase our presence on the Internet, which will provide new solutions in the field of providing staff for large companies. Modern solutions to problems in finding staff have already been tested on the Polish market."

Rossen Hadjiev, Managing Director of PineBridge Investors in Central Europe, also commented on the deal: "We took the decision to invest as we were seriously impressed with Work Service. The current success of the company in the field of outsourcing staff recruitment was a real delight for us. Complete possession of market data on staff recruitment will be backed up by the financial resources of PineBridge Investments, and we expect a long-term mutually beneficial relationship with a profit from the share portfolio. Our expectations of Work Service are that it will grow rapidly and strengthen its position as market leader in HR services."

Pierre Mellinger, CEO of PineBridge Investments, summed up the deal with the words: "Work Service is a successful company operating in a rapidly growing market. We are confident that by uniting the experience of Work Service and the 15-year research of PineBridge in Central and Eastern Europe will allow Work Service to reap the benefits and opportunities for growth in the CEE area."

"Investments will be received over the 3-year program," added Tomasz Misiak, Vice President of Work Service Group Supervisory Board. The fact that we plan to significantly increase our turnover for 2013, 2014 and 2015 should also be noted. This is a good sign for the investors. Taking a leading position on the Polish market is only a matter of time," said Tomasz Misiak.

WORK SERVICE
ул. 2-ая Хуторская, д. 38А, стр. 23, 4 этаж 127287Москва,
Телефон:8-495-662-10-68, Телефон:8-800-505-10-50, Телефон:8-800-505-07-07, Электронная почта: contact@workservice.ru